BRICS: China Takes Control of Gold Prices from the West
来源：cryptodnes.bg;发表于:2024-04-08;人气指数:51
Monday, April 8,
2024
BRICS: China Takes Control of Gold
Prices from the West
Although the People's Bank of China
(PBOC) claims it will hold 2024 tonnes by 2,250, gold market expert Jan
Nieuwenhuis disputes this figure. Nieuwenhuis suggests that China's actual gold
reserves may be as high as 5,358 tons, offering a paper.
The timing of Nieuwenhuis's
counter-document coincides with BRICS' global efforts to persuade developing
countries to abandon the US dollar. He argued that China could be hoarding gold
to advance the global de-dollarization agenda, arguing that the People's Bank
of China is pursuing a "hidden de-dollarization agenda" by concealing
its true gold reserves.
Nieuwenhuis predicted that China's
hidden purchases of gold could push prices higher, potentially creating a
"perfect storm" in the coming years.
At the current gold price of $1,975 per
troy ounce, the estimated 5,358 tons of gold China is believed to own in 2024
will be valued at $338.5 billion. Nieuwenhuys stressed that these secret
purchases reflect a broader trend of de-dollarization efforts, with China and
other BRICS countries seeking to reduce their reliance on the US dollar despite
its status as the world's main reserve currency.
Over the past 15 months, China and the
BRICS union have been significant buyers of gold, raising concerns by the World
Gold Council about potential disruptions in gold and commodity markets. The
consequences of the BRICS retreat from the dollar in trade could affect various
sectors of the US economy.
CryptoDnes
Source: cryptodnes.bg